Ahead of today’s visit by Shadow Chancellor John McDonnell MP to Hemlington and Saltburn, Middlesbrough South & East Cleveland’s Simon Clarke MP said:

“More than anyone else, John McDonnell embodies the capture of the Labour Party by the hard Left. His economic policies would put thousands of people on Teesside out of work and leave both us and our children burdened with hundreds of billions more in debt. He is a very real threat to the future of both our area and our country.”

New analysis shows that the promises made by Labour since the launch of their manifesto would cost the taxpayer an eye-watering £312 billion.

Labour’s nationalisation programme will cost at least £134 billion. On a conservative estimate, the nationalisations in the Labour manifesto of rail, royal mail, water, and the energy network will add at least £134 billion to public sector net debt.

By adding this much to the national debt, Labour would have to spend at least £7 billion more on debt repayments every year – the equivalent of 81,000 nurses, 69,000 teachers, and 66,000 police officers.